Mumbai, April 26, 2023, Syngene International Limited today announced its fourth-quarter and full-year results. Momentum in the fourth quarter drove revenue from operations up 31% to Rs. 994 Cr and profit after tax was up 21% to Rs. 179 Cr. For the full year ending March 31, 2023, revenue from operations was up 23% to Rs. 3,193 Cr resulting in profit after tax, before exceptional items, up 10% to Rs. 464 Cr.
Commenting on the results, Jonathan Hunt, Managing Director and Chief Executive Officer, Syngene International Limited, said, “Strong growth in the fourth quarter, added to a positive performance over the course of the year, delivered full-year results ahead of our upgraded guidance.
All business divisions delivered growth through the year triggering investment in additional laboratory capacity and new facilities at our campuses in Bangalore and Hyderabad, as well as creating over 1000 new jobs.
Manufacturing Services had a particularly strong year, led by our commercial-scale biologics manufacturing business which had a busy fourth quarter supporting our partnership with Zoetis, following successful regulatory inspections by the US, European and UK regulatory authorities.
Looking ahead, we are optimistic – despite challenges such as inflation, geopolitical uncertainties and recessionary pressures visible in some regions of the world – that our performance over the last year and the progress we have made on the strategic development of the Company, position us well for the year ahead.”
“I am pleased to report a strong performance throughout the year, including our biggest ever quarter to finish this fiscal year. Our robust business model, broad customer base and strong balance sheet, combined with a tight focus on execution, enabled us to deliver revenue growth of 23% year-on-year, margins at around 30% and increased net cash of Rs 224 Crs.
As a result, in this fiscal year, the Company delivered the highest absolute year-on-year increase in revenue and EBITDA that we have seen in the last 5 years, providing a strong foundation for our future plans.” added Sibaji Biswas, Chief Financial Officer, Syngene International Limited
